Monday, October 8, 2012

[Marine] Hanjin to see the black

Hanjin Heavy Industries & Construction of Korea would be able to see the black in the third quarter of this year.

Choi Won-Kyung, an analyst from Kiwoom Securities said "Hanjin is expected to mark KRW 624.7bn ($562.3m) of turnover for the third quarter, on a consolidated basis, with KRW 22.9bn of operating profit and 3.7% of operating margin."

Choi explained that Yongdo yard's loss for Q2 will get smaller, while Subic yard will turnaround to see the black in Q3.

Meanwhile, Choi forecasted that Hanjin is doubtful to achieve new order target for 2012, saying "Yongdo contracted overall KRW 45bn of special ships year-to-date, while Subic inked $225m, with its target reaching $1.3bn."

Added "Subic is now under negotiation for up to six 9,000-teu boxships (including options) with European owner, which is expected to be finalized within this month."